Young Guys Finance says saving money in 2016 can be easy

A group of young professionals from the Lower Mainland is hoping to take the fear and guesswork out of personal finance.

Justin Lee, Irvin Ho and Shun Lee started the website and YouTube channel Young Guys Finance in October and are using social media and videos to teach other young people about making smart money choices.

Lee, who studied at Simon Fraser University’s School of Business, said he learned a lot about corporate finance, but very little about personal finance.

“During that time we didn’t really learn anything about managing your own money,” he said. “We actually ended up teaching ourselves by reading all the books out there.”

They now have about 500 subscribers, through email and YouTube, and say it’s best to start learning to manage your money when you are young.

“There’s a big barrier to learning about personal finance, because a lot of banks, a lot of companies, they make it more complicated that it actually is,” said Lee.

“But I feel like, once you get the main principles down, like being aware of what you’re spending, putting your credit cards to good use because they do provide the most benefit, compared to cash and debit cards. And also taking the steps upfront to know what makes a good investment portfolio.”

Young Guys Finance has also put together a five-step guide to setting and achieving your goals in 2016.

Step 1: Set Proper Financial Goals:

Step 2: Budget Without Losing Your Mind:

Step 3: Pick the Perfect Credit Card:

Step 4: Get a Grasp of Investing Products:

Step 5: Choose the Right Investment Account (RRSP & TSFA):

You can connect with Young Guys Finance on their website and on YouTube.